# Table 2: Fiscal-Pension Feedback

Does pension spending accelerate debt accumulation, especially in aging economies?

| Model | Key Variable | coef | SE | p-value | N | R² |
|:---|:---|---:|---:|---:|---:|---:|
| Pension → ΔDebt | pension_spending_gdp | 0.031 | 0.041 | 0.4430 | 724 | 0.401 |
| Pension×OADR → ΔDebt | pension_x_old_dep | 1.099 | 0.536 | 0.0409** | 724 | 0.419 |
| Exp-Rev gap → ΔDebt | exp_rev_gap | 0.267 | 0.030 | 0.0000*** | 809 | 0.324 |
| ExpGap×OADR → ΔDebt | exp_gap_x_oadr | 2.382 | 0.271 | 0.0000*** | 809 | 0.403 |
